Canadian Dollar Foreign Exchange Update July 27, 2017
USD/CAD Open: 1.2482-1.2483 Overnight Range: 1.2413-1.2496
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.71 and gold is at $1,268. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2525. Support is at 1.2395.
The Canadian dollar is soft this morning, falling from yesterday’s fresh 2016 high. Commodities are again firmer, but the correlation between CAD and oil remains low. Monetary policy continues to be dominant, as an additional 25bp rate hike from the Bank of Canada is expected by October. There are no domestic releases scheduled for today, leaving CAD to trade based on its risk profile.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | July 27, 2017 | Daily Update |
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